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Oatly shares fall 20% after ‘quality issue’ warning and delivery delays
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Milk alternative maker Oatly has warned that production and distribution problems hit sales by $7m over the summer despite a surge in demand for its products.
Shares in the Swedish oat milk producer plunged by nearly 20% on Monday after it said it expected further lost sales in Europe in the months ahead as it was “investigating a quality issue” which might force it to bin some products.
Oatly said UK sales were $1m lower than hoped in its third quarter to the end of September because of driver shortages which delayed deliveries, while mechanical and technical issues at its US production plant in Utah had a $3m impact on sales, on top of $3m from Covid-related closures of hospitality businesses in Asia.
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